Japanese retailer Aeon Co., has posted a net loss in the quarter ended 20 May, as a result of corporate tax adjustment expenses.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Chiba-based retailer recorded a net loss of YEN9.27bn (US$1.18bn) for the fiscal first quarter, compared with a profit of YEN8.02bn a year ago.
The tax adjustment expenses amounted to YEN15.64bn, the company said.
Revenue rose 4.1% on year to YEN1.28 trillion from Y1.228trn a year earlier. Operating profit fell 20.2% to Y22.65bn.
The company maintained its earnings forecast at YEN11-15bn for the current year. Revenue is expected to exceed YEN5.4 trn.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLast month Aeon, facing a failing domestic market owing to the country’s rapidly ageing population, said it would accelerate its expansion in China.
“At present, we run 23 GMS [general merchandise stores] and Jusco supermarkets in China. By 2010, we are planning to open 100 new GMS and SM shops,” a spokeswoman for the company told just-food.
Aeon’s first shopping centre in Beijing is also on course to open in September.
